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Succession is never easy. Mirvac chairman James MacKenzie yesterday found himself de­fending a change of chief executive he probably thought would be seamless but which caught most by surprise.

MacKenzie and his outgoing chief executive, Nick Collishaw, both defended the move yesterday.

But I’d be surprised if Collishaw saw this coming. I will also be surprised if Collishaw is still on board on October 31, as announced.

None of this should denigrate the incoming chief executive, Susan Lloyd-Hurwitz. But she has a job in front of her.

Mirvac’s long-serving chief financial officer resigned recently and has been replaced. Other senior executives could also take the opportunity to move on.

Lloyd-Hurwitz yesterday nominated the ability to build teams as one of her strengths.

But the view among those I talked to, those who have worked with her at Lend Lease and Macquarie Group, was circumspect.

“Anyone who has been in the industry for more than 20 years is underwhelmed by appointment,” one observer says.

The Mirvac board has clearly been impressed by the Lloyd-Hurwitz pedigree in global property and funds management.

MacKenzie says she is a respected leader of people and businesses, with a global outlook and is “well versed in the opportunities and challenges” of all parts of the business cycle.

“In addition to her experience in day-to-day management of substantial property businesses, Susan has a track record in leading complex real estate businesses with a clear results orientation,” he says.

“She is passionate about delivering investment performance through in­spiring teams of talented property professionals to deliver the results investors are seeking.”

For MacKenzie, the ability to harness those global capital partners, lightening the asset load and boosting the return is the key.

The development skills most investors have come to expect at Mirvac don’t matter that much. Not in the MacKenzie view, if you have a top development executive such as Brett Draffen.

Collishaw, and Greg Paramor before him, had less development expertise than Mirvac founder Bob Hamilton. Lloyd-Hurwitz has less.

This is the new breed of property leader.

The old guard, who led the industry into the global financial crisis, have gone. Even the leaders who worked through the disaster are no longer wanted by their boards.

Westfield, with old but wily leadership, and GPT Group with new, are showing the way.

It’s about a simple strategy for low-growth times and an utter focus on delivering returns to investors.

Which is why many investors are surprised about the changing of the guard at Mirvac.

Collishaw took over in 2008 in the teeth of the crisis, helped the group to survive and then set about creating the vehicle for the new era.

MacKenzie says that Collishaw introduced a renewed conservatism to Mirvac’s business model and capital structure, consistent with the underlying business and funding environment.

“He has simplified the business, positioning it for earnings growth in the years ahead,” he says.

“The company’s sound strategy and strong financial position are testament to Nick’s leadership.”

The value of that Collishaw leadership should be on display at the results next week.